This paper provides systematic evidence of the role of banks' reliance on wholesale funding in the international transmission of the ongoing financial crisis. It conducts an event study to estimate the impact of the liquidity crunch of September 15, 2008, on the stock price returns of 662 individual banks across 44 countries, and tests whether differences in the abnormal returns observed around those events relate to these banks' ex-ante reliance...
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详细
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2010/02/01
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政策研究报告
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WPS5203
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1
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1
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2010/07/01
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Disclosed
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When the rivers run dry : liquidity and the use of wholesale funds in the transmission of the U.S. subprime crisis
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coverage of deposit insurance